The following IPOs are expected to price this week:
Carbonite (CARB), which is a leading provider of online backup solutions for consumers and SMBs, plans to raise $100 million by offering 6.25 million shares at a price range of $15 to $17. At the mid-point of the proposed range, Carbonite will command a market value of $410 million. Carbonite, which was founded in 2005, booked $49 million in sales over the last 12 months. The Boston, MA-based company plans to list on the NASDAQ under the symbol CARB. BofA Merrill Lynch and J.P. Morgan are the lead underwriters on the deal.
Enduro Royalty Trust (NDRO), which owns a net profits interest in oil and gas properties across Texas, Louisiana and New Mexico, plans to raise $330 million by offering 13.2 million shares at a price range of $24 to $26, giving it a market value of $825 million. Enduro Royalty Trust, which was founded in 2010, booked $161 million in sales over the last 12 months. The Austin, TX-based company plans to list on the NYSE under the symbol NDRO. Barclays Capital, Citi, and Goldman, Sachs & Co. are the lead underwriters on the deal.
HomeStreet (HMST), a full-service community bank operating in the Pacific Northwest and Hawaii, plans to raise $180 million by offering 7.8 million shares at a price range of $22 to $24. At the mid-point of the proposed range, HomeStreet will command a market value of $211 million. HomeStreet, which was founded in 1921, booked $133 million in sales over the last 12 months. The Seattle, WA-based company plans to list on the NASDAQ under the symbol HMST. FBR Capital Markets is the lead underwriter on the deal.
InvenSense (INVN), which provides motion sensors used in consumer electronics, plans to raise $100 million by offering 10.5 shares at a price range of $8.50 to $10.50. At the mid-point of the proposed range, InvenSense will command a market value of $827.38 million. InvenSense, which was founded in 2003, booked $110 million in sales over the last 12 months. The Sunnyvale, CA-based company plans to list on the NYSE under the symbol INVN. Goldman, Sachs & Co. and Morgan Stanley are the lead underwriters on the deal.
Loyalty Alliance Enterprise (LAEC), a provider of mobile direct marketing and customer loyalty solutions in China, plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the mid-point of the proposed range, Loyalty Alliance Enterprise will command a market value of $195.50 million. Loyalty Alliance Enterprise, which was founded in 2009, booked $20 million in sales over the last 12 months. The Hong Kong-based company plans to list on the NASDAQ under the symbol LAEC. Macquarie Capital is the lead underwriter on the deal.
Midland States Bancorp (MSBI), the fourth largest bank holding company in Illinois, plans to raise $80 million by offering 5 million shares at a price range of $15 to $17. At the mid-point of the proposed range, Midland States Bancorp will command a market value of $149 million. Midland States Bancorp, which was founded in 1881, booked $100 million in sales over the last 12 months. The Effingham, IL-based company plans to list on the NASDAQ under the symbol MSBI. Sandler O'Neill and Stifel Nicolaus Weisel are the lead underwriters on the deal.
SandRidge Permian Trust (PER), a trust formed to own interests in producing and developmental wells within the Permian Basin, plans to raise $630 million by offering 31.5 million shares at a price range of $19 to $21. At the mid-point of the proposed range, SandRidge Permian Trust will command a market value of $1,050.00 million. SandRidge Permian Trust, which was founded in 2011, booked $0 million in sales over the last 12 months. The Austin, TX-based company plans to list on the NYSE under the symbol PER. Morgan Stanley, Raymond James, and RBC Capital Markets are the lead underwriters on the deal.
TIM w.e. (TMWE), which provides mobile marketing, entertainment and payment services in Latin America, plans to raise $146 million by offering 11.25 million shares at a price range of $12 to $14. At the mid-point of the proposed range, TIM w.e. will command a market value of $749 million. TIM w.e., which was founded in 2002, booked $350 million in sales over the last 12 months. The Lisbon ,Portugal-based company plans to list on the NASDAQ under the symbol TMWE. Credit Suisse and Citi are the lead underwriters on the deal.
Trustwave Holdings (TWAV), which provides on-demand compliance management and security software, plans to raise $100 million by offering 6.25 million shares at a price range of $15 to $17. At the mid-point of the proposed range, Trustwave Holdings will command a market value of $662 million. Trustwave Holdings, which was founded in 1995, booked $128 million in sales over the last 12 months. The Chicago, IL-based company plans to list on the NASDAQ under the symbol TWAV. Morgan Stanley, J.P. Morgan, and Barclays Capital are the lead underwriters on the deal.
WageWorks (WAGE), an on-demand provider of employee spending account benefits programs, plans to raise $49 million by offering 5.8 million shares at a price range of $12 to $14. At the mid-point of the proposed range, WageWorks will command a market value of $235 million. WageWorks, which was founded in 2000, booked $127 million in sales over the last 12 months. The San Mateo, CA-based company plans to list on the NYSE under the symbol WAGE. Credit Suisse and William Blair are the lead underwriters on the deal.
WhiteGlove Health (WGH), which provides low cost primary and chronic care to self-insured firms mostly in Texas, plans to raise $28 million by offering 2.5 million shares at a price range of $9 to $13. At the mid-point of the proposed range, WhiteGlove Health will command a market value of $160 million. WhiteGlove Health, which was founded in 2006, booked $5 million in sales over the last 12 months. The Austin, TX-based company plans to list on the NYSE under the symbol WGH. WR Hambrecht and Rodman & Renshaw are the lead underwriters on the deal.
Cathay Industrial Biotech (CBIO), a Chinese producer of biobutanol and LCDAs used in chemical and fuel markets, was originally on the calendar for this week, but postponed its IPO due to poor market conditions.
Of the three IPOs scheduled for last week, only one managed to price. Reflecting investor sentiment, American Capital Mortgage (MTGE) limped to market on Thursday, selling 8 million shares (less than half of the originally planned 17.5 million shares) and closing down 8% from its IPO price of $20.
